calling - reinsw estate journal/reins… · “prospecting is about creating long-term...

VOL 64/09OCT 2013

Reviewing your reachHow PR can benefit

your business

Super property investment

The rise of the Self Managed Super Fund

Identify yourselfHave you protected your

business from vendor identity fraud?

Auctioneers discuss the profession and how they made their mark

callingthe bid

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Real Estate Journal October 2013 3

The Real Estate Journal is printed on

paper that is derived from resources

which are managed to ensure their

renewability for generations to come.

The Real Estate Journal is a member only publication from

the Real Estate Institute of New South Wales. To fi nd

out more about membership, call (02) 9264 2343, email

[email protected] or visit www.reinsw.com.au

REINSW Major Partners

Average monthly

distribution 4,243 copies

The Real Estate Journal is the offi cial

monthly magazine of the Real Estate

Institute of New South Wales.

30-32 Wentworth Avenue

Sydney NSW 2000

(02) 9264 2343

[email protected]

www.reinsw.com.au

REINSW BoardPresident: Christian Payne

Deputy President: Malcolm Gunning

Vice Presidents:

John Cunningham and Brett Hunter

Directors: Gary Adamson, Christine

Clarke, Luke Fahy, Miles Felstead, Sarah

Lorden, Leanne Pilkington, Tony Santolin

and Wayne Stewart

REINSW ManagementCEO: Tim McKibbin

General Manager: Peter Griffi n

Marketing & Communications

Manager: Cathie Dickinson

Education & Training Manager:

Michelle Morcombe

Legal & Policy Manager: Eva Sklavos

Real Estate JournalPublished by

Mahlab Media

369a Darling Street

Balmain NSW 2041

www.mahlabmedia.com.au

Managing Editor: Martin Wanless

Editor: Jill Park

[email protected]

Head of Client Services:

Roslyn Atkinson

Acting Sales Director: Sara Lewis

Advertising Executive:

Giuseppe Mangione

[email protected]

Designer: Katherine Gennusa

Cover and feature photography:

Studio Commercial

REINSW Managing Editor:

Cathie Dickinson

DisclaimerThe Real Estate Journal is provided for general

purposes only. REINSW gives no warranty

and makes no representation with respect to

the accuracy, applicability, legal correctness

or completeness of any of the contents of

the Journal. To the extent permitted by law,

REINSW excludes responsibility and liability in

respect of any loss arising in any way (including

by way of negligence) from reliance on the

information contained in the Journal. The

opinions expressed in the Journal are those of

the respective authors and do not necessarily

refl ect those of REINSW.

14First National Chief Auctioneer Michael McCaffery talks to the Journal about building a career as an auctioneer.

ON THE COVER

14COVER STORYCalling the bidAuctioneers discuss the profession

and how they made their mark.

FEATURES

19 Reviewing your reachWhy you should incorporate

PR into your marketing mix.

20 Super property investmentThe Journal explores the increasing

popularity of Self-Managed Super

Fund investment in real estate.

24 Identify yourselfWhat procedures should you have

in place to protect yourself from

vendor identity fraud?

INDUSTRY FOCUS

6 In briefThe latest updates from the month.

10 Inside Fair TradingBe warned: the dangers of

misleading advertising.

12 InsightBillicorp’s Kristen Marsh explains

why presentation, research and

respect count.

CHAPTERS23Great expectationsThe Journal talks to young agents to

fi nd out about their fi rst few years in

the industry.

DIVISIONS28Living the good lifeHow Griffi th is expanding into

nearby rural suburbs.

REGULARS

05 President’s message

05 CEO’s message

26 Training calendar

30 Last word

OCTOBER 2013

Contents


PRESIDENT

Tim McKibbin

REINSW CEO

CEO

Onwards and upwards

Over the past two years,

REINSW, other interest groups

and the community as a whole

have been working with the

NSW Government to review and

update our strata laws, which

were introduced as a world fi rst

some 50 years ago.

Review requiredStrata laws fi rst came into

effect in 1961. Since then,

there have been innumerable

changes to the way we live, so

it is very important that the new

strata laws correctly refl ect our

contemporary lifestyle.

Over time, the Strata Schemes

Management Act has grown

from 29 sections to fi ve

separate Acts with more than

1000 provisions. The new strata

laws will simplify the current

system, which has grown

into a grossly complex and

unmanageable beast.

Many strata complexes that

were built 50 years ago are now

in urgent need of substantial

repair and in some cases

demolition. Decisions in relation

to this issue are complex

and controversial. We must,

however, fi nd the right balance

between respecting the rights

and interests of individual

owners and a system that will

effi ciently prescribe a process

that will allow these issues

to be properly addressed

and resolved.

Other major issues that have

been identifi ed during the

two-year review include pets,

issues surrounding smoking,

debt recovery, proxy voting,

by-laws and parking.

There has been widespread

consultation since the decision

was made by the government

to review the legislation.

REINSW has made a number of

submissions and has worked

closely with Minister for Fair

Trading Anthony Roberts and

NSW Fair Trading in support of

the process.

Preparing for the future The issue is being addressed

with a Position Paper and

drafting of the new legislation

is already underway. It is

anticipated that the new Act will

come into effect in late 2013 or

early 2014.

With some 72,000 strata

schemes currently in operation,

we look forward to new strata

laws that will respond to

community expectations now

and in the future, when this

number is expected to increase

exponentially.

REINSW will continue to

work closely with the NSW

Government and I will update

you on our progress.

If you’d like to share your

ideas in regard to strata and

the Government’s Position

Paper, please email me at

[email protected].

Christian Payne

REINSW President

Spotlight on women in real estate

This month, the seventh

annual Women in Real Estate

Conference will be held in

Sydney, bringing inspiration,

motivation and networking

opportunities to women in

the industry.

Leading the line-up at

this year’s conference is

media identity and 2013

Australian of the Year Ita

Buttrose AO, OBE. Known to

many through the depiction

of her life in the popular TV

drama Paper Giants, Ita

has achieved many highs in

her career, from launching

Cleo, editing the Australian

Women’s Weekly and being

the fi rst female editor of

an Australian metropolitan

newspaper The Daily

Telegraph and later The

Sunday Telegraph.

Her presentation –

How to succeed beyond

expectations - leadership,

communication, knowledge

and motivation – is one of

many inspiring sessions

scheduled for the conference,

which will be held in the

Harbourside surrounds

of Sydney’s Luna Park on

Tuesday, 22 October 2013.

MC Shaynna Blaze,

from Selling Houses Australia

and The Block, will introduce

an impressive line-up of

speakers including: extreme

sportswoman Heather

Swan, lifestyle solutions

coach Peter Bliss,

international business

speaker Jen Harwood and

Laing+Simmons General

Manager Leanne Pilkington.

The Women in Real Estate

Conference is a great

way to get together in an

environment of support and

encouragement, so I urge all

our female members to attend

and enjoy the fun-fi lled day.

Visit reinsw.com.au now

to view the full line-up for

the Women in Real Estate

Conference and book your

tickets before they all sell out.

Female leadersContinuing the theme of

women in business, this

month’s Journal features an

Insight written by Billicorp

Managing Director Kristen

Marsh. From her time

as Associate Director of

Marketing at The Ritz-Carlton

Hotel Company – where

she dealt with high-profi le

customers including Princess

Diana, Madonna and Neil

Diamond – to her successes

in the commercial real estate

space, Kristen outlines her

key career learnings.

In addition to Kristen,

hear from former Novice

Auctioneers Competition

fi nalist Bree Crawford (on

page 17) as she embarks on

a new career as an auctioneer

and PR guru Julia Nekich

(on page 19).

6 Real Estate Journal October 2013

INDUSTRY FOCUS In brief

THE MONTH IN NUMBERS

$728,000The average wealth of

Australian households in

2011-12 was $728,000,

according to a report by

the Australian Bureau

of Statistics. More than

two-thirds of Australian

households own their

own home outright

or with a mortgage.

$340mJones Lang LaSalle and

McVay Real Estate have

sold the Four Seasons

Hotel Sydney for a

reported $340m to Korean

investment company Mirae

Asset Global Investments.

80%The percentage increase

in the total value of

transactions recorded in

2011-12 to 2012-13 in the

Colliers International

Australian Retail

Investment Review 2013.

There were 142 retail

transactions in this period.

“Prospecting is about creating

long-term relationships. We

can jam fl yers in letterboxes

and cold call, but ultimately you

have to connect with people by

talking to them. LJ Hooker has

a National Rewards program

that engages our customers,

so that when they decide to

lease, buy or sell they think of

LJ Hooker. myljhooker offers

discounts at local and national

stores to our members,

monthly giveaways, property

seminars and advice. We

concentrate on building

customers for life.”

Q. How do you prospect for new customers?

VOXDAVID

MACKAYPrincipal of

LJ Hooker

Avalon

ANDREW

BLAKE Principal of

Andrew Blake

TINA CASEOwner of The

Professionals

Lithgow

“Lithgow is a small community,

and word of mouth is our best

way of prospecting for new

clients. We recently conducted

a survey of all our current

landlords, in which we asked

them if they were willing to

provide us with a testimonial

regarding our service. The

landlords that indicated they

were happy to do so provided

us with a written testimonial

and came to the offi ce to have

their photo taken, each of

which we have now uploaded

to our social media pages as

well as our website.”

“‘Call more, sell more’ is

our philosophy. The more

you call, the more chance

you have of converting a

conversation into a listing.

In addition, we fi nd that the

way you conduct your open

homes is very important.

Open homes attract buyers

and also potential sellers who

are shopping around for real

estate. Even before the board

goes up, we invite neighbours

into the property. They may

have friends who are looking to

move or they may be interested

themselves.”

Notice is hereby given that

the Annual General Meeting

of the Real Estate Institute

of New South Wales Limited

for the year ended 30 June

2013 will be held on Friday,

29 November 2013 at the

Mercure Sydney Hotel,

818-820 George Street,

Sydney.

TP McKibbin

Company Secretary

Real Estate Institute of

New South Wales Limited

AGENDA

Apologies.

To receive and adopt

the minutes of the

Annual General Meeting

of 30 November 2012.

(see note)

Election of Directors.

To receive and consider

the Report of the

President. (see note)

To receive and consider

the fi nancial reports

including the audited

balance sheet, profi t and

loss accounts and other

reports and statements

required by the

Corporations Act 2001

including the Auditor’s

Report for the year

ended 30 June 2013.

(see note)

General business.

Note

All reports as mentioned

here will be available

on the member-only

section of the

REINSW website at

reinsw.com.au/AGM by

Thursday, 31 October 2013.

If you require a hard copy of

these documents, please

call Cassy Ashford on

(02) 8267 0576.

Proxies

In accordance with

the Company’s

Constitution, a Voting

Member may nominate

another Voting Member

as a proxy. A person may

not hold more than fi ve (5)

proxies. Proxies will only

be valid if received by the

Company Secretary no later

than 5.00pm, Wednesday,

27 November 2013. Proxy

voting forms are available

from REINSW. Please

call Cassy Ashford on

(02) 8267 0576.

Annual General Meeting


Australians prioritise home ownership, but many young buyers still struggle to get on the ladder.

Home ownership trumps children and marriage

Australians prioritise owning

and paying off a home quickly

ahead of getting married and

starting a family, according to

the Westpac Home Ownership

Report.

Fifty-seven per cent of those

surveyed in the Westpac report

prioritised owning a home

or paying off a home sooner,

compared to having children

(8 per cent) and getting married

(5 per cent).

REINSW CEO Tim McKibbin

said the report showed that

confi dence in the market is

increasing, but warned that fi rst

homebuyers were still facing a

challenging environment.

“I’ve a great deal of sympathy

for young homebuyers trying to

get into the market. You have

to save money for your deposit

and then you are effectively

servicing a debt,” he said.

The Westpac report revealed

that there is a lot of confusion

in the market regarding home

loans and their intricacies –

especially relating to how to

pay off a loan quicker.

National Head of Real Estate

at Westpac Retail & Business

Banking Jason Roach said that

the report showed widespread

uncertainty about home loans.

“One in fi ve (20 per cent) of

those intending to buy in the

next 12 months had no idea

what type of loan structure

they should take up when they

go to buy, and of those who

already have a home loan, one

in fi ve (22 per cent) didn’t even

understand what a variable rate

was,” he said.

Mr Roach said that Australia

is living in a “low credit growth

environment” that could

facilitate people in achieving

their goal of owning a home.

“As a result, we are anticipating

that there will be a modest

improvement in housing credit

over the next 12 months or so

of around 5.5 per cent to 6 per

cent per annum. This will be

underpinned by the reduction in

the cash rates and interest rates

we have seen in recent months.”

Australia is ranked 12th in

the world in terms of home

ownership, with a 70 per cent

home ownership rate.

Mr McKibbin added that

REINSW has contributed

feedback to the Government’s

recent White Paper proposal

and awaits the next stage.

Work begins on Glebe Island Exhibition development

Work is set to begin on

turning Glebe Island in

Sydney’s Inner West into

the temporary home of

the Sydney Convention &

Exhibition Centre, while the

original is rebuilt.

A pavilion previously used

at the London Olympic

Games in 2012 is being

shipped from the UK to take

temporary residence on

Glebe Island, located near

the suburbs of Balmain

and Annandale.

The location will also

host pop-up eateries,

and visitors will be bussed

to the site from nearby

parking locations.

The pavilion will house

exhibitions and events

during the planned

three-year rebuild of the

Sydney Convention &

Exhibition Centre in Darling

Harbour, including the

Sydney International Boat

Show, which has already

confi rmed that it will hold

its 2014-2016 events at the

Glebe Island site.

“Opening up Glebe

Island for exhibitions will

also give Sydneysiders a

rare chance to set foot on

a part of the city they have

probably never had the

opportunity to see,” Deputy

NSW Premier Anthony

Stoner said.

“Transport will include

a quick ferry ride from

Darling Harbour and

buses from Central Station,

as well as car parking on

site, a taxi stand and drop

off zones.”

Source: Westpac Home Ownership Report 2013

77%BELIEVED ‘HOME OWNERSHIP’ = YOUR HOME LOAN PAID OFF IN FULL.

AUSTRALIANS WITH A HOME LOAN OR WHO ARE PLANNING TO BUY WITHIN THE NEXT 12 MONTHS PRIORITISED:

32% OWNING A HOME

25% PAYING OFF A HOME SOONER

5% GETTING MARRIED

8% HAVING CHILDREN

AUSTRALIAN HOME OWNERSHIP CAN BE BROKEN DOWN TO:

34% HAVE A HOME LOAN

30% OWN THEIR OWN HOME OUTRIGHT

ARE LOOKING TO BUY

11%


INDUSTRY FOCUS In brief

Agreements and forms are part

and parcel of every agent’s

work day – and filling them in

online with REI Forms Live is

now faster and easier than

ever before.

REI Forms Live is now integrated

with REST Professional (version

10.5 and later) – the popular

property management and

sales trust accounting software

from Rockend.

Users of both systems can

now auto-populate their

agreements and forms from

REST Professional without

having to re-enter data into

REI Forms Live.

Users can also save completed

agreements and forms directly

back to REST Professional

document management or

fileSMART, as well as storing

them within REI Forms Live.

REI Forms Live integrates with Rockend’s REST Professional

Owners of backyard pools

in NSW must register their

swimming pools with the

NSW Government by

29 October 2013 or risk

being fined up to $2200.

At the end of last year, the

NSW Government passed the

Swimming Pools Amendment

Act 2012, which stipulates that

pool owners must register

their pool and indicate that to

the best of their knowledge

their swimming pool complies

with the applicable safety

standards.

The Act aims to improve

compliance with pool barrier

requirements and so reduce

the risk of child deaths by

drowning in NSW.

The amendments also set

out new requirements in

relation to the sale and

lease of properties with a

swimming pool.

From 29 April 2014, where

a property with a swimming

pool is being sold, a valid

certificate of compliance (or

an occupation certificate

issued within the past three

years) must be annexed to the

Contract for Sale. Failure to

annex the certificate means

that the purchaser may rescind

the contract at any time within

14 days of exchange.

In the case of a property for

lease with a swimming pool,

from 29 April 2014 there

must be a valid certificate of

compliance in place (or an

occupation certificate issued

within the past three years)

at the time the Residential

Tenancy Agreement is entered

into and a copy of that

certificate must be given

to the tenant.

You can direct your

vendors and landlords to

swimmingpoolregister.nsw.

gov.au to register their pool.

Pool owners risk fine as deadline for swimming pool registration closes in

TOP TIPS OF THE MONTH

Tips for good customer service

Merivale Group Customer

Relations Manager

Carolina Jensen is an

expert in customer

relations, and was named

National Customer

Experience Executive of

the Year in 2012 by the

Customer Service Institute

of Australia.

1. IndividualsAlways treat customers

as you would wish to be

treated and see them as

individuals. You cannot

look at a customer as

just a customer. You

have to look at each

person as someone with

individual needs.

2.. Extra mileGo above and beyond

for your customers. Be a

good listener. You need

to listen before you do

anything, and you need to

be present and real with

your customers. You have

to be totally in the moment

when talking to them.

3.. Be positiveIf someone is difficult,

you just need to let them

speak. Eventually they will

calm down. Also, think

about how you are going

to help this person, with

a good answer or a

goodwill gesture.

Use open body language,

which says ‘I’m here; I’m

listening to you’. Always try

to open with a positive. Do

not reflect any negativity.

This is easier to say than

do, but it tends to work.

REINSW members who

do not currently use

REI Forms Live can call

(02) 9264 2343 (select

option 3) to set up a free

two-week system trial.

To find out more about

REST Professional, please

contact Rockend’s Sales

Team on 1300 657 700.

One of the most common complaints we receive is over the issue of ocean views, be they digitally enhanced or totally fabricated.

Into the realm of fantasy

BY ROD STOWE, NSW FAIR TRADING COMMISSIONER

Advertising is an integral component of selling a property, but agents need to be careful that they don’t step into the land of fairytales.


INDUSTRY FOCUS Inside Fair Trading

It would be fair to say that some

agents sometimes walk a fi ne

line between exuberance and

exaggeration when it comes

to advertising.

While I would love to report

that complaints of misleading

advertising against real estate

agents in NSW are declining,

this unfortunately is not

the case.

In the last fi nancial year,

NSW Fair Trading fi elded

more than 500 complaints

and queries over alleged

deceptive or misleading claims

made by agents in property

advertisements.

Common complaintsMany complaints involved the

vexed issue of underquoting,

but there is a long list of

other gripes house-hunting

consumers have brought to us

in the past 12 months.

Agents are reminded that

under section 51 of the

Property, Stock and Business

Agents Act 2002 a licensee is

prohibited from publishing any

statement that is materially

false, misleading or deceptive.

Even if you are not aware that a

claim made in an advertisement

you have authorised is false or

misleading, you will still be held

responsible and could face

a fi ne of up to $22,000 under

the Act.

LegislationUnder section 30 of the

Australian Consumer Law,

which deals specifi cally with

misleading and false claims

involving land sales, the fi ne

can be as high as $220,000

for an individual or $1.1 million

for a company.

These laws apply equally

to visual as well as written

communication. One of the

most common complaints

we receive involves the

issue of ocean views, be

they digitally enhanced or

totally fabricated.

Displaying a view that cannot

be seen from within the

boundaries of a property is

not acceptable, nor is using

magnifi cation to make a selling

point such as an ocean view

appear closer.

Any images capturing facilities

or features that cannot be seen

from the property, but are in

close proximity, must be clearly

marked ‘location shot’.

Fantasy photoshoppingSome agents are fond of

photoshopping existing

features to enhance a home’s

ambience. It is all very well

adding a digitally created warm

glow to that ornate Victorian

fi replace, for example, but if the

chimney is long gone and it is

not possible for a fi re to ever

burn in the grate, this amounts

to misleading advertising.

Other common complaints,

which if proven constitute false

or misleading conduct, include:

stating a property is located in

a more desirable neighbouring

suburb, infl ating the size of the

land or exaggerating the rate of

rent an investor can expect the

property to earn.

The Australian Competition

and Consumer Commission

(ACCC) shares Fair Trading’s

concerns when it comes to

false representations made in

the property market.

ProsecutionsLast year, the ACCC

successfully prosecuted

one of the country’s largest

residential builders in the

Federal Court. Metricon was

fi ned $800,000 for advertising

features in its homes that it

did not supply and for making

misleading savings claims.

So make sure your enthusiasm

doesn’t turn into porkies.

If what you have written or

depicted could possibly

confuse a reasonable or

ordinary member of your target

audience – that is, prospective

buyers – then chances are the

advertisement is misleading.

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A lot of people think being an

agent is not rocket science,

but you are dealing with major

fi nancials. Everyone at Billicorp

has a formal education. I think it

shows discipline.

We mostly employ university

graduates from the Property

Economics course at Sydney

University, and they spend a

year in research when they

join us. I think that’s really

important so that when they go

out to meet clients they really

know what they are talking

about. Young agents entering

the industry should ensure

they fully research their market.

They must know their market

better than anyone – that is

what will ensure their success.

A little respectEveryone says your reputation

is the most important thing, but

that includes your reputation

with your fellow employees,

your clients, your prospects

and other agents.

I think people can be very

short-sighted. One day you can

be dealing with a fellow

real estate agent and the next

day they can be your client.

That has happened to us in the

past. Everyone knows everyone

in the property industry.

Respecting those around you is

a very simple thing that people

often forget.

Promises, promisesPeople want to do business

with people who do what they

promise they will do. Therefore,

you must have the correct

systems in place. This can be

answering the telephone within

three rings or providing options

within 24 hours.

When you are dealing with

a client you should take the

time to get to know them.

Do they have children? What

budgets are they working with?

I think people really appreciate

that. Also, if you are going

to a meeting, get there 10

minutes early.

We ensure we take notes along

the way. We have systems to

grade the prospect. We also

meet every week and go over

our goals. I would recommend

that young agents set and

frequently evaluate their goals.

Dress for successI think image can often be

forgotten. It’s very important.

I’m a real stickler for how

people present themselves.

I think so many Gen Ys are

used to wearing what they

want, when they want, whereas

I come from a hospitality

background where it was about

presenting yourself well and

in the corporate image. First

impressions count.

VarietyReal estate is a great

profession. One day you can

be dealing with a panel beater

and the next day you can be

buying a warehouse for a TV

production company. I think

the diversity is what makes

it interesting as well as the

people you deal with.

There’s always something to

learn. I believe the day that you

think you know it all is the day

to walk away.

Billicorp’s Managing Director

Kristen Marsh believes you

should dress for success.

Billicorp Managing Director and Founder Kristen Marsh believes a mix of presentation, strong research and respect are imperative to the agent of tomorrow.

First impressions count

INDUSTRY FOCUS Insight

KRISTEN’S TOP TIPS FOR SUCCESS

1. Be presentable. Don’t turn

up to work with a crumpled

jacket and unironed shirt.

Make sure you represent

the corporate image.

2. Treat colleagues, clients and

other agents with respect as

your reputation in the industry

is integral to your career.

3. Higher education shows

discipline and can provide

the research skills required to

be a good agent. You should

never stop educating yourself.

4. Don’t think you are above

anything. Everyone at

Billicorp answers the

phones and prepares a

mailout, whether they are

the Managing Director or not.

5. Set yourself weekly goals

and review them constantly

to ensure you are on track

to meet your targets.

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THE BIDCALLING

FEATURE

Whether making a TV appearance or calling for a charity auction, an auctioneer’s life is never boring. The Journal discovers what it takes to make a great auctioneer in today’s changing market.

BY JILL PARK

The best auctioneers are created when there is very little bidding, as you have to use lots of fi llers.

Ask an auctioneer what their most

memorable auction was like and they will

each have a story to tell.

First National Chief Auctioneer Michael

McCaffery once made the newspapers

after a marathon auction that lasted an

hour and 45 minutes.

“I had let them bid in low increments,

which went on for about $300,000 in

$1000 bids,” he laughed.

“It was like when you open the fl oodgates

and you just can’t stop it.

“People were leaving and coming back

with coats and coffee. I had an assistant

with me and she was wearing high heels

and kept sinking into the ground.”

The Pymble property eventually

sold for $1.7m, way above the

$1.2m reserve.

“People may say that I spent too long on

it, but I got every penny that was in the

room,” Michael said with a smile.

Eking out every dollarMichael believes that the skill of

a good auctioneer should not be

underestimated.

“People come along with a price in

mind,” he said. “I think good auctioneers

will get to that price. Really good

auctioneers will sometimes exceed that

price. Great auctioneers will get all the

money that’s there.”

Developing the skills required to be a

good auctioneer takes time. Learning

to call the numbers is one thing, but

learning to work an audience is

quite another.

“Auctioneers’ patter is probably the most

important thing,” Ray White Lower North

Shore Principal and Auctioneer Peter

Matthews said.

“It’s having all the patter that fi ts in

between the bidding and creates

excitement in the crowd. That’s where

some auctioneers become unstuck.

They think it’s all about the numbers.”


FEATURE


Peter, a regular on The Block,

advises all his young agents to

go and watch as many of the

leading auctioneers in action

as possible. Michael agrees,

referring to all the ‘big guns’:

“Scott Kennedy-Green, Peter

Baldwin, Damien Cooley ...”.

“The best auctioneers are

created when there is very little

bidding, as you have to use lots

of fi llers,” Peter said.

“The real challenge is to mount

the excitement and momentum

when there are not that many

bidders.”

Learning the patterAuctioneers are always looking

to develop their patter and

often fi nd useful phrases in the

most unusual places. Michael

tells of a late night of karaoke

at the Covent Garden Hotel in

Sydney where he stole a line or

two from the MC.

However, being a country

boy, Michael believes

chattel auctions, where

auctioneers can call up to

120 bids per hour, are a

great starting ground for any

up-and-coming auctioneer.

“Whatever suits you will come

to light. And that’s what you

stick with,” he added.

Building a rapportBresicWhitney Chief Auctioneer

Ed Riley fell into the profession

when he was called on to

replace a contestant that had

pulled out of the REINSW North

Division Novice Auctioneers

Competition.

At the State Final he auctioned

off a night at the Regent Hotel

in The Rocks, Sydney. It was

when explaining the conditions

attached to the deal that he

became unstuck.

“I was asked a question

by the then REINSW President,

Rowan Kelly. He asked ‘if the

hotel minded when you did it?’

to which I replied ‘I don’t

think they mind when you

do it, just as long as you do it

in the room!’ The crowd roared

with laughter and it certainly

helped ease my nerves,”

Ed laughed.

Peter believes that establishing

a relationship with the audience

can make the difference

between a good and a great

auctioneer.

“An auctioneer is like an actor

on the stage. What you want

people to do is walk away

thinking that was a good

auction,” he said.

That means being able to

put a crowd of 40 or more

people at ease quickly.

This requires building a

rapport with the audience,

showing them respect and

giving them the time they

need to make what can be

a life-changing decision.

An auctioneer is like an actor on the stage. What you want people to do is walk away thinking that was a good auction.


Briannan Crawford of Raine & Horne Dee Why made a name for

herself as a fi nalist in the REINSW Novice Auctioneers Competition

last year. Since then she has been working hard to hone her

auctioneering skills and will soon be hosting her debut auction.

“I love the industry and I feel that with my background in speech and

drama, becoming and auctioneer is a natural progression for me. In

the next few months I hope to be making the transition to auctions.

“The Novice Auctioneers Competition was something that came

about very suddenly, just after I completed my Real Estate Licence

and enjoyed the auctioneering module.

“Before all of our property auctions, I’ve been auctioning off a

bottle of Moët & Chandon champagne for charity. I have also done

a number of auctions for charity events and school trivia-night

auctions.

“I love the fast-paced nature of auctions, the need to be witty, well

prepared and have lots of energy. Agents spend four to six weeks

preparing a property for auction day, so I feel as an auctioneer it is

so important to make the crowd feel comfortable, and make sure

that you do everything in your power to get every last cent out of

each and every buyer in attendance. It is so satisfying getting a

fantastic result for a vendor as it can be a very emotional time.

“I defi nitely feel that having an understanding of the sales process

and of an auction campaign will assist me as an auctioneer. I

understand the thought process and psychology behind all parties

involved in an auction, being the buyer, the agent and the vendor.”

Phone a friend“We put a lot of pressure on

people by calling it and doing

things like that, but at the end

of the day if they say ‘can you

give us a minute to make a

phone call’ or ‘I’ve got to talk

to the wife,’ that’s fi ne,”

Michael said.

“I’m quite happy to do that.

It’s not something you train

people for, but you get a bit of

a gut feeling about who’s the

most serious.”

Changing trendsThe role of auctions in

the Australian market has

evolved in recent years.

Whereas two or three years

ago, going to auction was

a foregone conclusion,

increasingly agents are

willing to accept an offer

after a viewing.

“If you get a lot of neighbours

turning up at an auction

and you haven’t got anyone

registered, that can refl ect

poorly on the property and the

agent,” Michael explained.

“If people don’t have some

genuine interest in buying the

home, we fi nd that vendors

probably won’t go to auction,

whereas two years ago we

would have strongly advised

them to go to auction.”

Image, it seems, is important

in the auctioneering

profession in more than one

MAKING THE TRANSITION FROM AGENT TO AUCTIONEER

WHO: Briannan Crawford, Sales Consultant,

Raine & Horne Dee Why

WHAT: Finalist in the 2012 Novice Auctioneers

Competition (raised $8059 for St Vincent de

Paul Society)

WHY: Briannan is in training to become

an auctioneer.

way. Presenting an air of

confi dence can help put

bidders at their ease and

bring them over the line.

“The whole real estate

industry is built on

perception,” Michael said.

“If you look good and sound

good, people think you’re

good. If you start off and

you sound professional then

people are going to think you

are, and that’s half the battle.”

Making the leapBuilding a career as an

auctioneer is not a nine to

fi ve job. Mixing a career as

an agent and an auctioneer

can be diffi cult – if not

impossible – when you

consider that Saturday is an

auctioneer’s busiest day as

well as an agent’s. However,

it can be a natural progression

for those who enjoy the

adrenalin rush that comes

from standing in front of

an audience.

The skills may take time

to develop – you never

know where you could

pick up a good line – but

chattel, antique and charity

auctions are great ways to

practice without the pressure

of selling a property.

It’s likely you will pick up a few

stories of your own along the

way, but that’s what makes

the profession interesting.

Our keynote speaker is Ita Buttrose AO, OBE. One of Australia’s most admired women, Ita is a legendary media editor, businesswoman, best-selling author, committed community and welfare contributor and 2013 Australian of the Year.

This is an unmissable opportun�y to hear from a truly excep�onal woman.Be sure to book your place!

For more information and to register, visit www.reinsw.com.au

Take in breathtaking views of Sydney Harbour from the perfect vantage point of Sydney’s Luna Park.

MC Shaynna Blaze, from Selling Houses Australia and The Block, will introduce an impressive line-up of speakers.

Keynote speaker Ita Buttrose AO, OBE

Tuesday, 22 October 2013 – Sydney

* Members include staff of member agencies who do not hold personal REINSW membership.

Date Tuesday, 22 October 2013

Venue Crystal Palace Ballroom Luna Park 1 Olympic Drive Milsons Point

Time Registration 8.30am Conference 9.00am to 4.30pm Networking drinks 4.30pm to 6.30pm

CPD points 12 (Learning Category 2)

Cost EARLY BIRD SPECIAL Book before 15 Sep 2013 REINSW members $340* Non-members $415

STANDARD PRICE From 16 Sep 2013 REINSW members $374* Non-members $457 (all prices include GST)

(Includes food and refreshments throughout the day and networking drinks)

Details

It’s sure to

be a sellout

book now!

Proudly supported by:

Heather Swan World record-holding extreme sportswoman and motivational speaker

Peter Bliss Lifestyle solutions coach and owner of Business is Bliss

Jen Harwood International business speaker and small business expert

Leanne Pilkington General Manager at Laing+Simmons


FEATURE

BY JULIA NEKICH, MANAGING DIRECTOR OF THE IDEAS SUITE

It makes sense to use

advertising when you’re

selling a product – ads have

a strong call to action and

allow you to control the

messaging simply because

you have purchased that

media space. In a highly

competitive and congested

market, however, advertising

only takes you so far.

An ad, essentially, is you

writing about yourself. How

can you differentiate your

brand and your product

from dozens of competitors?

Most of all, how do you build

customer trust?

Myriad channelsPublic relations, on the other

hand, can take your brand

messages further in myriad

channels, such as the local

community, events, social

media and, most commonly,

traditional media. PR doesn’t

rely on buying space as

Reviewing your reachWhy PR is an integrated part of any marketing strategy.

advertising does, but on

communicating a message

that is strong enough to be

shared by the public.

Find the newsThe good news for real estate

brands is that property news

makes up an important part

of most newspaper editorial

sections. These refl ect the

fact that a good proportion of

Australians are in love with real

estate. The power in editorial is

that a journalist in a respected

newspaper writing about your

brand is much like a third-party

endorsement. Real estate

professionals have much to

offer the media, who regularly

seek information about what

is happening in the real estate

market ‘on the ground’ (among

buyers and sellers).

Most journalists are happy

to write about sales above

reserve, open houses with

an unprecedented number

of viewings, properties on

sale that are a little out of the

ordinary, celebrity vendors and

strong sales months within

your offi ce. All of these point

to local market trends and

buyer and vendor sentiment

– valuable information for

journalists. In addition,

newspapers love to include

real-life buyers and sellers

in their pages – it adds a

much needed human interest

element to their stories and

a photo has extra impact.

Shout about successThe key is to seek out what

opportunities there are. If you

have something to be proud

of – including an award win

or community recognition

– the fastest way to let the

community know about it is

through the media.

Consider every part of your

business as a potential news

story. It’s important to think

outside of the box. Are you

opening a new offi ce? Why

not invite the local paper and

begin developing a relationship

with the reporters, who are

continually looking for the next

local news story. Consider

how you can connect with

community clubs or events.

Showcasing your business’s

social responsibility will

position you as a brand that

connects with the people

of your local area. Do your

homework, source where you

would like to see the agency

appear and create a long-

term plan of how this can

realistically be achieved.

Build a brandIn addition to directing your

PR at vendors and clients,

you’ll also want to maintain

a presence within trade

publications. While keeping

competitors on their toes,

you’ll also become respected

for providing market insight.


The Self-Managed Super

Funds (SMSF) market is the

fastest growing sector of the

superannuation industry.

Since their introduction in

1999, SMSFs have grown to

account for approximately

one third of the total

superannuation assets in

Australia. The Australian

Prudential Regulation

Authority (APRA) estimates

that there were 470,000

SMSFs in Australia as at 30

June 2012.

The value in real estate

investments held by SMSFs

has increased over the

years, according to SMSF

Professionals’ Association of

Australia (SPAA) Director of

Technical and Professional

Standards Graeme Colley.

“It [the value of real estate

investments held by SMSFs]

may be due to the increase

in the market value of the

property, any improvements or

additions that are made to the

property and a net increase

due to new properties being

acquired,” Graeme said.

Real estate and SMSFsSMSFs can acquire two types

of property: residential and

commercial. Conditions apply

in both instances (see box).

“If the fund owns the property

directly, the rules prohibit

a mortgage or any other

encumbrance being placed

over it. However, it is possible

for the SMSF to indirectly

have an interest in property if

it owns shares in a company,

or units in a trust which owns

a commercial or domestic

property,” Graeme explained.

An SMSF is also able to have

an interest in a property that

is mortgaged if it enters into

an arrangement called a

limited recourse borrowing

arrangement, where the

SMSF borrows to purchase a

property, which is held in trust

on behalf of the fund until the

mortgage is paid off.

Who can advise?The increasing popularity

of SMSF holders investing in

property was explored in a

report published by the ATO,

released in April. The report,

SMSFs: Improving the quality

of advice given to investors,

delved into the evolving

SMSF market in Australia and

clarified the role of real estate

agents.

The report clarified this point:

“For the avoidance of doubt,

we note that this does not

mean that a real estate agent

will ordinarily require an

Australian Financial Services

licence. A real estate agent

who does not specifically

market to SMSFs, or carry on

a business of recommending

that SMSFs be used to

purchase real property,

is not required to obtain

an AFS licence.”

Property spruikersIn April, ASIC Commissioner

Peter Kell said ASIC was

particularly concerned

Super property investmentBY JILL PARK

The Journal explores the increasing popularity of Self-Managed Super Fund investment in real estate.

FEATURE

We do not want to see SMSFs become the vehicle of choice for property spruikers.

Like to sellyour rent roll?Right now is the perfect time to sell.If you would like a confidential discussionabout your rent roll call us today andtogether we can plan your selling strategy.We have a wide range of genuine buyersready right now to negotiate confidentiallyand discreetly.Ross HedditchTel: 02 9037 1440 Mob: 0418 321 [email protected]

Stephen FrancisMob: 0418 223 [email protected]

bdhsolutions.com.au ROSS HEDDITCH

BDH SOLUTIONS

STEPHEN FRANCIS

SMSF Professionals’

Association of Australia

(SPAA) Director of Technical

and Professional Standards

Graeme Colley clarified the

relationship between SMSFs

and real estate.

Commercial

If an SMSF owns commercial

property, it is able to be

leased to anyone including

the members of the fund, their

relatives or any company,

trust or partnership in which

they have an interest. The

main requirement is that the

commercial property must

be leased on an arm’s

length commercial basis.

For example, an SMSF

may own a factory. A business

run by a member of the fund

may lease the property from

the SMSF, providing the

arrangement is commercial.

Residential

If an SMSF owns residential

property there are no

restrictions on renting the

property to arm’s length

parties. For example, people

or companies, trusts or

partnerships, which do not

have a connection with the

SMSF can still lease the

property.

The superannuation law

severely restricts the leasing

of domestic property to

parties that have a connection

with the SMSF. As these

rules are quite complex,

it is necessary to obtain

professional advice from a

specialist in the area.

SELF-MANAGED SUPER FUNDS AND PROPERTY

about the rise in aggressive

advertisements pushing

property through SMSFs.

“We do not want to see

SMSFs become the vehicle of

choice for property spruikers,”

Peter said.

“Where we see examples of

unlicensed SMSF advice, or

misleading marketing, we will

be taking regulatory action.”

According to the ATO,

SMSF holders tend to be older,

earn a higher income and

have larger superannuation

balances. Their desire for

control is a driving force in

their starting a SMSF and

playing an active role in their

investment decisions.

However, SMSFs are not

straightforward affairs and

place full responsibility on

the trustees. REI Super

Marketing Manager Rebekah

Wilson said an SMSF is

a product that is “sold”

as opposed to one that is

“recommended”.

“They are a good type of

super for the right person,”

she said.

“That’s probably the biggest

thing – those attracted to the

sales pitch aren’t necessarily

the ones who should open

an account.”

For more information on

SMSFs visit ato.gov.org.au


Young Agents CHAPTERS

EDDY PIDDINGTON,Residential and Sales

Executive at Cunninghams

Property and Young Agents

Chapter Chair.

How important is networking

to young agents?

When I started, I went to a

networking event and met

another agent. I didn’t think

much of it. Two weeks later

he rang me and asked if

I remembered him. I did,

but only just. Then he said

that one of his clients had a

property worth somewhere

between $7-$9million and did

I think I could help? Straight

away networking became my

number one priority.

How can young agents get

involved with REINSW?

The Young Agents Chapter

is about educating the young

agents of NSW, but also

helping them to network. We

organise great events and

encourage all agents to come

along and meet new people.

Contact REINSW, let them

know you want to become

involved and we will be

in touch. Just email us at

[email protected].

Great expectationsBY JILL PARK

What exactly do young agents know about the industry before they start and how does their perception change?

Young agents entering the

real estate industry do so for

a number of reasons – some

might be carrying on the family

tradition, some might have a

sales background and others

might just like the idea of

helping people make their fi rst

big life decision.

Property dynastyProperty Specialist at

Griffi th Real Estate Nick

Chauhan was encouraged

to enter the industry by

friends and family. Five years

later he recalls his initial

impression of the industry as

being equal parts challenging

and exciting.

“I have always loved helping

people with decisions, and

buying real estate is one of

the biggest decisions many

individuals will ever make.

Knowing you have helped

people achieve this dream is

always exciting,” Nick said.

“This industry can be very

challenging at times. Long

hours and also stressful

negotiating are key

components of the job,” he

said.

Coming from a family of

real estate agents, Tom

Hanrahan, Real Estate

Consultant at Brian Unthank

Real Estate in Albury, was well

aware of what it takes to be

successful in the industry.

“I obviously got a bit of a

nudge into the business with

my grandfather, father, mother

and two uncles all working

together,” Tom recalled, though

he had initially trained as a

plumber.

“I always knew the diffi cult

side of working in an agency

as well as the positives. It isn’t

all about fl ash cars, suits and

shoes! There is a lot of hard

work and you experience a lot

of knock backs,” he said.

Daisy Stuckey, Property

Management Assistant at Ray

White Bondi Beach, won the

2011 REINSW Young Agents

Scholarship and has since

experienced agency life in

a family-run business and a

franchise.

“I’ve gone from a family-

run business where all the

Directors were the owners,

to a publicly listed real estate

business. It’s good to see how

each company runs differently,”

she said.

Get involvedBoth Nick and Tom participated

in the 2012 REINSW Novice

Auctioneers Competition.

Tom used the opportunity to

gain exposure to a number of

different auctioneering styles.

“It was a bit nerve-wracking,

but once I got over the jitters

it was great to see the other

auctioneers in action,” Tom

said.

“I learned so much from

being part of the competition

and have modifi ed my style.

I urge anyone in the industry

to involve themselves in

REINSW and the Novice

Auctioneers Competition.”

I have always loved helping people with decisions, and buying real estate is one of the biggest decisions many individuals will ever make.

I now include the NSW Fair Trading forms in all my pre-listing kits, even though I have a lot of repeat customers.


Often as agents you will

have a connection to new

clients – you know them

from a local community

group or maybe you sold their

mother’s house? But does

that automatically mean

you can trust them?

Fraud is one of the fastest

growing crimes in Australia

and costs the economy in

excess of $1bn every year,

yet many agents still have

not implemented fraud

prevention procedures to

protect themselves.

The recent arrest of a man in

Nigeria in connection with the

attempted fraudulent sale of a

property in Western Australia

highlights the ever-present

threat to agents. In this

instance the alarm was

raised by staff at a Mandurah

agency who had recently

attended an anti-fraud

education seminar held by

WA Police and Consumer

Protection.

Prevention in NSWEarlier in the year, NSW

Fair Trading published the

six-page Real Estate Fraud

Prevention Guidelines. The

Guidelines outline a clear

set of procedures to protect

agents from vendor identity

fraud and include a Proof of

Identity Checklist for Vendors

(see box).

While the Guidelines are not

obligatory and agents are

not legally required to run

through the Proof of Identity

Checklist with every vendor,

they are required to exercise

“reasonable skill, care and

diligence” under Rule of

Conduct 4 of Schedule 1 of the

Property, Stock and Business

Agents Regulation 2003.

If an agent is discovered to

have not taken due care to

protect their clients from fraud,

then there are a number of

penalties that may be imposed

by Fair Trading. These include

everything from conditions

on, to the suspension of, the

agent’s licence.

Fair Trading may also choose

to impose a fine. Individual

agents can be fined a

maximum of 100 penalty units,

which equates to $11,000,

while agencies can be fined a

maximum of 200 penalty units

($22,000).

In addition, risk of civil

litigation by the vendor or

buyer is probably the biggest

risk to agents. In this instance

the penalties are limitless.

Awkward questionsAgents may find it slightly

embarrassing to ask clients

who they have a longstanding

relationship with to supply the

documentation laid out in the

Guidelines, but this does not

match the embarrassment

of being a victim of fraud or

receiving a penalty or fine.

“Agents must have external

identity fraud prevention

procedures in place to prevent

a fraudulent real estate

transaction from happening

without the knowledge and

consent of lawful property

owners,” NSW Fair Trading

Commissioner Rod Stowe

said.

“Fair Trading has issued

the Real Estate Fraud

Prevention Guidelines to

protect agents against

people claiming to be

legitimate vendors. Agents

should confirm the identity

of vendors (or appointed

representatives) in order to

prevent real estate fraud.”

Implementing proceduresREINSW Residential Sales

Chapter Chair Kathryn Hall has

implemented the procedures

laid out in the Guidelines

into her own business,

Kathryn Hall Real Estate

in Avalon.

“I now include the NSW Fair

Trading forms in all my

pre-listing kits, even though

I have a lot of repeat

customers,” she said.

CHAPTERS Residential Sales

Agents that hesitate to implement vendor proof-of-identity guidelines could be risking much more than they know.

Identify yourself

“It’s a matter of

communicating and framing

the conversation with the

client,” Kathryn added.

For Kathryn, the procedures

are simply an extra layer

of paperwork that can

help protect her agency

from fraud.

To help prevent fraudulent

activity from occurring in

your agency, download a

copy of the Real Estate

Fraud Prevention Guidelines

and the Proof of Identity

Checklist for Vendors at

reinsw.cm.au/FPGuidelines

and introduce procedures to

your agency.

NSW Fair Trading’s Real

Estate Fraud Prevention

Guidelines includes a Proof

of Identity Checklist for

Vendors, which outlines

that agents must follow the

procedures laid out below in

order to confi rm the identity

of a vendor:

– agents must

verify the vendor’s

identity from an original

primary photographic

document (such as a

current driver’s licence)

or an original or certifi ed

copy of a secondary non-

photographic identifi cation

document (such as a

current Medicare card,

credit card, electricity

bill or rate notice). The

Proof of Identity Checklist

for Vendors sets out

the documents that are

acceptable as proof of

identity documents.

–

agents must verify the

ownership of the property

from an original or

certifi ed copy of a primary

property ownership

document, such as a

property certifi cate,

current rate notice or other

document conferring the

power of sale.

– agents

must conduct checks

face-to-face, and the

original documents must

be sighted in order to

verify identity.

– agents must

keep the checklist on fi le

for inspection if required.

PROVING IDENTITY

Passport/ photo identifi cation

Non-photo identifi cation

Legal documents that prove ownership of property


TRAINING

Training calendar

SYDNEYCertifi cate of Registration Course(9.00am–5.00pm) (part time)

SYDNEYCertifi cate of Registration Course(9.00am–5.00pm)

SYDNEYAuctioneers Accreditation(9.30am–4.30pm)

SYDNEY CPDCreating Impact and Infl uence(9.30am–1.30pm)


SYDNEY CPDWHS for Property Managers – In Practice(9.30am–1.30pm)

18 – 21 Nov SYDNEYCertifi cate of Registration Course(9.00am–5.00pm)

SYDNEY CPDAn Agent’s Guide to Tax and Property Investment(9.30am–1.30pm)

SYDNEY CPDThe ABC of Compliance(9.30am–1.30pm)


SYDNEY CPDThe DEF of Compliance(9.30am–1.30pm)

SYDNEYREINSW AGM(10.00am–11.00am)

SYDNEYREINSW State Conference(11.00am–5.00pm)

SYDNEYNovice Auctioneers Competition Final(6.00pm–10.30pm)

DECEMBER 2013

NOVEMBER 2013

WANT TO KNOW MORE?

You can fi nd out more

about all of our courses and

register online by visiting

www.reinsw.com.au

Click on Course Schedule

in the Training menu.

SYDNEY Certifi cate of Registration Course(9.00am–5.00pm)

3 Dec SYDNEY CPDCreating Impact and Infl uence(9.30am–1.30pm)

3 – 14 Dec SYDNEYCreating Impact and Infl uence(9.30am–1.30pm)

5 Dec SYDNEY CPDPrepare for Selling Like Never Before(9.30am–1.30pm)

9 – 12 Dec SYDNEYCertifi cate of Registration Course(9.00am–5.00pm)

12 Dec SYDNEY CPDThe Nuts and Bolts of the Residential Tenancies Act(9.30am–1.30pm)

16 – 19 Dec SYDNEYCertifi cate of Registration Course(9.00am–5.00pm)

17 Dec SYDNEY CPDAn Agent’s Guide to Tax and Property Investment(9.30am–1.30pm)

Novice Auctioneers Competition State Final – 29 Nov

Sydney Watch the fi nalists from the Divisional competitions compete in the REINSW Novice

Auctioneers Competition State Final in Sydney as they vie for the title of State Champion. Come

along to see the auctioneers of the future and help us raise funds for charity.

FEATURED

EVENT

Certifi cate of Registration Course – 2-5 Dec

Sydney Do you know someone interested in a career in real estate? Attending our Certifi cate

of Registration Course is the fi rst step to becoming a qualifi ed real estate professional. Upon

completion of the course, attendees can take the next step and gain their Certifi cate of Registration

with NSW Fair Trading.

FEATURED

EVENT

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DIVISIONS

Italy has had a strong influence

on Griffith and its surrounds. It

is estimated that approximately

60 per cent of the population

has Italian heritage. Migrants

were originally drawn to the

area by agricultural similarities

between the landscape and

their homeland.

Since the establishment of the

Murrumbidgee Irrigation Area

in 1916, and the Blowering

Dam in the 1960s, farmers in

the Griffith area have been

serviced by water from the

Murrumbidgee River. Rice was

initially a popular crop, but the

Italian influence expanded the

range of produce grown and

vineyards popped up across

the area.

Griffith and its surrounds

consequently have a strong

history of growing fruit and

vegetables, particularly

citrus. However, in more

recent times environmental

factors have had a big impact

on the agri-business-based

economy of the Griffith area.

“Recently we have had

factors such as drought,

water cutbacks and, strangely

enough, floods, which

have caused the residential

marketplace to be quite

volatile,” Director of Griffith

Real Estate Brian Bertolin said.

“In the last 12 months we have

seen things stabilise, with

pricing holding its own and

the volume of properties sold

increasing substantially as

opposed to the last three years.

“We see this trend continuing,

and with a stabilisation

of prices coupled with a

low vacancy rate for rental

properties, investors are

seeing good value once again,”

Brian said.

Griffith’s suburbs encompass

a variety of property styles.

“North Griffith is renowned

for its 1950s-style full brick

Californian bungalow homes

and its character-laden fibro

gems on larger than normal

residential lots,” Brian said.

“East Griffith has its signature

1970s brick veneers, and

our newest suburbs are a

photocopy of your brick veneer

homes constructed on new

subdivisions found in any city in

Australia,” he continued.

The property market in

Griffith has changed over

the past 15-20 years. A

shortage of residential

land previously restricted

development in the area.

However, in recent times a

large amount of residential

allotments, ranging from

600m2 to 900m2, through to

larger rural residential lots of

3000m2 to 4000m2, have come

onto the market.

“This has freed up the housing

market immeasurably and

given Griffith buyers a good

cross-section of both homes

and land to choose from,”

Brian said.

“Much of the allotments were

created from farms located

on the edge of the city, which

became more valuable due to

their proximity to the CBD as

our population steadily grew.”

Residential properties are springing onto the Griffith market as the town expands into nearby rural suburbs.

Living the good life

GRIFFITH KEY STATS

People 24,364

All private dwellings 9968

Median weekly household income $1065

Median monthly mortgage repayments $1517

Median weekly rent $180

Median house price* $250,000

Median unit price* $190,000

Vacancy rate^ 2.3%

Source:

Unless otherwise specified, statistics are sourced from 2011 Census.

* REINSW Property Profile – June 2013; median price refers to Local

Government Area

^ REINSW Vacancy Rate Survey – August 2013 (Murrumbidgee Division)


DIVISIONS

Q&AJOHN DALTON

Rural Real Estate Specialist

Elders Real Estate

Interested in getting involved in your Division?

For more information, email REINSW at [email protected].

John Dalton, a licensed stock and station agent and real estate

agent, became involved with the Murrumbidgee Division 12

months ago. He has worked in the property business since 1977

and has operated in the Riverina since 1982.

Q. Tell me a bit about your Division.

A. The Murrumbidgee Division principally covers rural land.

Major centres include Griffi th, Leeton, Narrandera, Hay,

Deniliquin, Swan Hill and Finley. The Division is in the major

Southern NSW food bowl, with intensive agriculture and

associated industries.

Q. What are the key employers in your Division?

A. Key employers in the Division are farmers and associated

agriculture businesses, such as rice mills and packing sheds

related to the agricultural industry. In addition, employers

also include educational institutes, public service and local

government departments.

Q. What is the market like?

A. Current markets across the Division are quite strong in

relation to both residential and rural property sales. Good

seasons, plenty of irrigation and higher commodity prices

are driving this.

Q. What are the key issues in your Division?

A. Key issues in the area are the weather for the rural sector

and the rising cost of living, for example through increasing

electricity costs. Unfortunately, nothing can really be done about

either of these.

Our Divisional markets are experiencing a lack of listings, with

good quality listings – both rural and residential – hard to get. I

don’t see this changing a lot, not while the season is going like it

is. If the season goes well, the town goes well. It’s very season-

orientated in the Division.

Q. What plans do you have for the Division?

A. The Divisional plans for the next 12 months are to try and

build membership numbers and continue strengthening

communication between the head offi ce in the city and the

country constituents.

AROUND GRIFFITH

Griffi th’s La Festa celebrates

multiculturalism through live

entertainment and great food and

wine. The event attracts some 10,000

people annually.

American architect Walter Burley

Griffi n designed the city of Griffi th

using his trademark of tree-lined

streets and radial patterns.

The city of Griffi th is located against a backdrop of vineyards and farmland.

Photo credit:

Griffi th City CouncilPhoto credit:

Brett Neasby

Creative

Migrants were originally drawn to the area by agricultural similarities between the landscape and their homeland.

Griffi th supplies 70 per cent of NSW’s

citrus production, 75 per cent of NSW’s

grapes and 90 per cent of Australia’s

rice production.

Italians were behind some of

Griffi th’s well-known wine labels,

Beelgara Estate and Yellow Tail

from Casella Wines.


LAST WORD

Feeling the burn

YOUR STORYWe want to hear your stories!

If you, or a member you

know, supports a charity,

you can share the story

in the ‘Last Word’.

Email the editor at

[email protected]

Jones Lang LaSalle sent a team of agents up a hill and they came back down again as Balmoral Burn race champions.

Awaba Street hill inclines

rapidly as it winds upwards

and out of Balmoral in the

suburb of Mosman, Sydney.

This is the setting for The

Balmoral Burn, a 420m sprint

uphill in aid of the Humpty

Dumpty Foundation.

For the past three years,

Jones Lang LaSalle (JLL)

employees Dan Kernaghan,

Steve Higgins, Edward

Alexander and Luke Harris

have defended their divisional

title in the 4x420m relay race.

Steepest hill in Sydney“This doesn’t sound like far

on paper, but consider that

Awaba Street is tipped as

the steepest hill in central

Sydney, rising about 70m

with an incline of circa 30

per cent,” Luke said.

“Painfully, it gets steeper and

harder as you run up, so the

picturesque view of Sydney

Harbour and North Head

from the start line is quickly

forgotten in lieu of the burn.”

The team undertook rigorous

training before the event.

“Many people walk or jog

in their division race and

just enjoy the event, but if

you are going for a personal

best, or simply bragging

rights back in the offi ce,

it is an absolute must that

you run the hill a couple

times before the event,”

Luke said.

“I have made that mistake

before, and regardless of

your fi tness levels I can

assure you it is a very rude

shock 250m into the race.”

Team gamesThis year’s team from

JLL managed to beat

the Macquarie Bank and

McGrathNicol teams.

In total, eight people from

JLL competed in the event

in various categories, and

the company raised $7000

for the Humpty Dumpty

Foundation.

The JLL team also get

involved in a number of touch

football and soccer days

throughout the year.

“I absolutely plan to compete

again next year,” Luke stated.

“One day I expect to be one

of the golden oldies in the

60+ division.”

Balmoral Burn champions (L to R): Daniel Kernaghan, Luke Harris, Edward Alexander and Stephen Higgins.

AROUND THE STATES

VICA former real estate agent at

City Residential Real Estate in

Victoria has been sentenced

to a 15-month community

correction order after taking

$16,000 in trust money to feed

his gambling habit. Nadim

Mindraoui (20) pleaded guilty

in the Sunshine Magistrates’

Court to contravening the Estate

Agent’s Act 1980 by fraudulently

converting the trust money to his

own use. The money has since

been repaid.

WAA Nigerian man has been

arrested for attempting to

fraudulently sell a property in

WA. The arrest followed an

eight-month investigation by

the Australian Federal Police.

It began when a Mandurah real

estate agent, who had recently

attended an anti-fraud seminar

held by the WA Police and

Consumer Protection, raised

the alarm with the authorities.

Detective Senior Sergeant

Dom Blackshaw of the Major

Fraud Squad (WA Police) said:

“Our ability to proactively

engage the alleged fraudsters

through the agent gave us the

necessary evidence to launch

an international operation, which

resulted in a man involved in the

operation being apprehended.”

TASPossibly Australia’s most

unique wine cellar has come

onto the market in Tasmania.

The Tinderbox Road property

is located just 20 minutes from

Hobart’s CBD and burrows

nine stories deep into the cliffs.

The cellar contains some 4000

bottles of wine and was built

by a mining company over a

six–and–a–half month period.

It can be accessed via a tunnel

from either the cliff top or the

water’s edge. The property and

the land it sits on are being

marketed for in excess of $3m

for a variety of commercial

purposes, including a vineyard.

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